Pennsylvania Gov. Tom Wolf announced awards of $40.3 million in low-income housing tax credits (LIHTCs) and $5.9 million in PennHOMES funding for the creation and preservation of 39 affordable housing developments.
The funding will assist the construction and rehabilitation of 1,875 units for families, seniors, veterans, and other low-income households across the state.
The LIHTCs, which are administered by the Pennsylvania Housing Finance Agency (PHFA), will be used to attract more than $407 million in investment financing.
“The funding available through tax credits is in such high demand that every year we are only able to support about a third of the developments that apply,” said Brian Hudson, PHFA executive director and CEO. “This demonstrates not only the demand for more affordable housing but also the strong private-sector interest in the program.”
One development receiving an LIHTC award under PHFA’s Innovation in Design category is Morning Crossing, which will include the historic rehab of the former Morningside Elementary School and new construction, in Pittsburgh. Developer a.m. Rodriguez will create 46 affordable housing units for seniors 62 and older at this intergenerational community, which also will include the co-location of the Morningside Community Center.
To see the full list of reservations, visit http://www.phfa.org/forms/press_releases/2016/071416_PHFA_LIHTCawards_FINAL.pdf.